There is plenty of cryptocurrency market activity taking place this Sunday. Most markets note minor gains, yet it appears that the Bitcoin Cash price is firing on all cylinders all of a sudden.
This comes as a big surprise considering some controversy affecting the BCH funding proposal. It appears that this price increase has nothing to do with that, however.
Bitcoin Cash Price Goes Green
It has been a fairly boring week for most cryptocurrency markets. That is, unless one likes to short cryptocurrency and make money that way. For Bitcoin Cash, the price chart doesn’t look too promising over the past seven days. After hitting a value of $351.16, the trend started reversing fairly quickly.
At the weekly low, the Bitcoin Cash price dropped to $300.67. It appears that $300 is the current support level at this time. In the following days, the BCH value tried to break $325 but was rejected multiple times over.
Today, however, things are looking up once again. Following a near 9% gain, the Bitcoin Cash price has risen to roughly $337.5 again. This is done with plenty of trading volume to boot. Most trades occur between BCH and USDT on HotBit, LBank, FatbTC, Digifinex, and MXC. A very interesting situation well worth keeping an eye on.
BCH/USDT Technical Indicators
Bollinger Bands: following the recent steep uptrend, the BBs are seemingly narrowing a bit once again. This seemingly indicates that accumulation will continue and potentially drive the price slightly higher in the hours to come. A jump to $340 can occur, as the real resistance sits at roughly $344.
Moving Averages; On the 4H Bitcoin Cash price chart, the moving average are not looking too promising. The MA50 remains well above the MA20 despite this bullish BCH trend. It seems plausible that both lines will cross in a bullish manner, albeit it is too early to say for sure. The MA200 is still moving up and has now surpassed $260, which is a good sign.
RSI: Due to the recent bearish momentum emerging, the RSI for BCH had fallen to rather low levels. With this sudden surge, things are turning around once again. If this uptrend remains in place very long, BCH could very well enter overbought territory. That is not necessarily a problem, but something worth keeping an eye on.